Some 122,000 S'porean seniors will live alone by 2030

By 2030, around one in four Singaporeans will be aged 65 or above, and it is estimated that about 122,000 seniors will live alone.

This is a stark increase as the number of residents aged 65 and above who live alone in Singapore was 58,000 in 2018.

The figure was 76,000 in 2023, according to the Singapore Public Sector Outcomes Review, published by the Ministry of Finance (MOF) on Nov. 1, which was released on behalf of the public sector.

The report added that many Singaporeans expressed concern about supporting themselves and their elderly family members.

To address this concern, the report highlighted the increased employment rate of seniors in recent years, the increase in Central Provident Fund (CPF) contributions, as well as the prevalence of active ageing centres in Singapore.

Active ageing centres

As of October 2024, 214 Active Ageing Centres have been launched islandwide to support seniors in ageing actively and healthily within the community, with a wide range of programmes and activities to cater to their interests and needs.

Eight in 10 seniors will eventually have access to a centre near their home, where they can participate in programmes, such as group exercises, recreational activities, community events, and workshops to help seniors achieve overall wellness and combat social isolation, which is a concern amongst an ageing population.

The Silver Guardian programme encourages seniors to stay active through volunteerism.

Through the programme, seniors can volunteer at Active Ageing Centres, and they can befriend other seniors at risk of social isolation.

The report said they are on track to recruit, train and place at least 2,400 volunteers by 2028, with over 800 volunteers recruited and deployed as at October 2024.

Silver workforce

The employment rate of seniors generally increased in recent years, bolstered by efforts to increase employability and employment opportunities for them, the report said.

From July 2022, the retirement and re-employment ages were raised to 63 and 68 respectively, providing the avenue for seniors to continue working if they wish to.

In 2023, over nine in 10 eligible senior workers were offered re-employment.

In the same year, 70 per cent of residents aged 55 to 64 were employed, and 30.6 per cent of people aged 65 years old and older were employed.

CPF retirement

In 2023, about seven in 10 active CPF members turning 55 were able to meet their Basic Retirement Sum.

This helps to ensure that they will have a baseline level of financial security during their retirement to cover basic living costs.

Around 317,000 Singaporeans made voluntary top-ups to their own or their loved ones’ CPF retirement savings amounting to S$4.2 billion, up from 308,000 in 2022.

The report noted that the public sector is in the midst of increasing the CPF contribution rates for seniors aged above 55 to 70 in line with recommendations from the Tripartite Workgroup on Older Workers.

The increase has been implemented in stages annually since 2022 with full implementation by around 2030.

The Workfare Income Supplement (WIS) scheme has also been enhanced to support lower-income workers in building up their CPF savings.

In 2023, 388,000 lower-income employees were supported under WIS, with disbursements amounting to around S$914 million.

Seniors who have lower incomes during their working years and have little or no family support can benefit from the Silver Support Scheme.

In 2023, 260,000 seniors benefitted from payouts amounting to around S$595 million.

Top photo via Unsplash